BREAKING: MTN to Pull Out of Liberia and Two Other African Countries
Monday, 13 November 2023
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In a surprising move, African telecommunications giant MTN has announced plans to exit three key markets on the continent. The company, known for its pan-African mobile operations, is set to make an "orderly exit" from Guinea-Bissau, Guinea-Conakry, and Liberia.
The decision comes as part of MTN's strategic efforts to streamline its operations, focusing on the West and Central Africa (Weca) segment of its extensive portfolio. While specific reasons for the exit have not been disclosed, MTN's CEO, Ralph Mupita, pointed to challenges such as inflation and currency devaluation across multiple markets in the region. CONTINUE READING......
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MTN's 2022 financial reports indicate a decline in its EBITDA margin to 33.1%, attributed to various factors, including pricing pressures, fintech channel subsidies, and macroeconomic challenges. Despite controlling a substantial market share in Guinea-Bissau and Guinea-Conakry (about 30%), these three countries contribute only 1.6% to MTN's total revenue.
Liberia, where Lonestar MTN is the second-largest telecom provider, will also be affected by this move. For a deeper understanding of MTN's decision and the dynamics at play in these regions, read the full report here. CONTINUE READING........
Stay tuned for updates on this developing story as MTN reshapes its presence in the African telecommunications landscape.
Source: Daily Trust
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